Weekly Wrap Up

Despite growing worries over the US debt ceiling debate and current government shutdown, the major indices were able to finish the week with the first gain in three weeks. Many leaders across the globe warned the US that if it defaults on its debt it would cause harsh repercussions for many countries. The US dollar ended the week about 1% higher while gold futures suffered a loss of 3.2%.

Tech and bank stocks were in focus through much of the week. JPMOrgan (JPM) reported a drop in Q3 revenues and is currently dealing with costs of legal issues.

Co-founders of Blackberry (BBRY) are considering purchasing the company back as it receives potential buyout bids. On Wednesday President Obama announced the appointment of Janet Yellen as the next leader of the Federal Reserve.

A gauge of consumer sentiment fell this month to the lowest reading since January, as the government shutdown and expectations for the economy declined, according to data released Friday. (Source: MarketWatch) Click here to read the full article

Shares of JC Penney Company Inc. (JCP) closed up +0.06 or +0.78 percent to $7.77 per share on Tuesday, after having traded as high as $8.24 intraday. (Source: InvestorGuide) Click here to read the full article

It’s been a rough year for hedge fund manager Bill Ackman. His decision to short Herbalife (HLF) blew up in his face after activist investor Carl Icahn took him down, and his bet on a J.C. Penney (JCP) turnaround met with similar failure. (Source: InvestorGuide) Click here to read the full article

Your Money

Making snap decisions based on current events is far more likely to do long-lasting damage to a lifetime portfolio than any of these passing news events. (Source: MarketWatch) Click here to read the full article